This is your life's dream, to become an entrepreneur. You want to leave your 9-5 and achieve your dreams. You know that the journey, the endless hours and sacrifices will be worth your time because, in the end, you will achieve financial freedom.

But with entrepreneurship comes some risks. Most businesses don't reach the 5-year mark. Why? Because of mistakes that have caused them to fail.

Today I am going to show you the 16 biggest mistakes new entrepreneurs and business owners make and how to avoid them.

Not Doing ResearchBefore going into business, you have to do your research. Is your product needed in your current market? Do I know who is your ideal audience or client? Who is your competition? Trust me, you do have one.

Make sure to do your research prior to spending a cent on anything else. What is the point to start a business where no one needs your product? Create momentum for your product with your potential clients even prior to spending anything.

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Don't forget to grab the 20 TIPS TO SPEND LESS AND SAVE MORE MONEY PDF? By just making a few small changes you can put yourself in a better position financially in just a few days and achieve your bigger and more important goals.